Walmart is buying ’s Flipkart. Walmart continues to control e- compete against . company finally it official. Because giant corporation is acquiringFlipkart.

’s largest retailer take control soon. Of the Bengaluru-based e- company for its acquisition ever, Softbank chief executive officer Masayoshi Son said an webcast ,as per Bloomberg.

Softbank’s 20% stake Flipkart valued at $4 billion.  (Rs27,000 crore). Son said, adding that he had invested $2.5 billion the company. Son did not any further details of the transaction.

“Walmart is purchasing Flipkart. Last night there was the official announcement. I believe the deal was reached the 2.5 billion that we invested has turned out to be 4 billion.” Son said.

The acquisition cost Walmart around $15 billion, according to a previous estimate by Bloomberg.

was also reportedly the fray to acquire Flipkart went far to offer a “breakup fee” of up to $2 billion to prove its seriousness. A breakup penalty has set during the takeover . agreement pay if the backs out of the deal.

However, Walmart managed to seal the deal and is now in a place to take the fight to in ’s e- , which is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone for Flipkart.

started in 2007 as an online bookstore operating out of the Bansal duo’s two- apartment in Bengaluru. Flipkart is now the most-valued new-age company in the . around 30,000 . It is also one of the highest-funded private companies in the . Which has a giant Amazon a tough in during the last five ?

An business worth billions and backed by marquee  Softbank, Tiger Global, DST Global, and Accel Partners, among , Flipkart helped break India’s image as just the ’s office.

Let the battle begin

Following deal, the Indian e-commerce space now become a battlefield for two behemoths: Walmart and Amazon.

The two been fiercely competing against each other in the US, by acquiring smaller players. Flipkart’s acquisition widely considered as an extension of the battle.

“In the US, Walmart is the only formidable competitor left for Amazon. Walmart has been growing its e-commerce operations and Amazon has increased its footprint physical stores,” Kartik Hosanagar, a professor of and digital business at the of ’s Wharton School, told Quartz last week.

“Walmart’s looming in Flipkart reflects that. Walmart is fighting Amazon and Alibaba in China through its partnership JD. I suspect similar will happen in India through a partnership with Flipkart,” he added.